Monday, September 5, 2011

Dijaya to develop RM2b properties in Kajang Hill

KUALA LUMPUR: DIJAYA CORPORATION BHD [] is to develop five parcels of land measuring 198.5 acres in Kajang into mixed development with an estimated gross development value (GDV) of RM2 billion.

It said on Monday, Sept 5 that its wholly owned unit Tropicana City Service Suites Sdn Bhd had entered into a sale and purchase agreement (SPA) with Taiyo Resort (KL) Bhd to acquire the five parcels of freehold development land in Kajang for RM228 million.

The lands are currently held under the operations of Kajang Hill Golf Club, it said.

Dijaya said the development, named Tropicana Kajang, would be another future revenue generator for the Group and shall contribute positively to its financial performance.

Its group chief executive officer Tan Sri Danny Tan Chee Sing said the group was continuously acquiring sizeable land banks with good development potential in strategic locations.

'Today's land deal provides an opportunity for the Group to introduce more development in Kajang with the quality and prestige synonymous with our Tropicana brand,' he said.

Dijaya said the freehold lands had an upside potential in terms of capital appreciation because of increasing demand for residential and commercial PROPERTIES [] in Kajang, as evident by the demand for other developments such as Nadayu 92, Tiara Residence, Ramal Villa, Twin Palm and Jade Hills, just to name a few.

With increasing populations and expanding residential development in Kajang areas, the proposed development of commercial properties here would cater to a rising demand for office and retail spaces, it said.

Furthermore, the proposed Kajang-Sungai Buloh Mass Rapid Transit (MRT) project would enhance the investment potential of Kajang, thereby, presenting a great opportunity to property investors, it said.

Dijaya said the lands were also located in a suburban area with close proximity to other popular areas such as Serdang, Mahkota Cheras and Bandar Sungai Long.

Kajang is served by numerous highways, such as the Kajang SILK Highway, that enable convenient access to neighbouring townships, it said.

In addition, the existing terrain of Kajang Hill Golf Course provides a readily available landscaping that will enhance the attraction of Dijaya's proposed developments, it said.

'With this land purchase, Dijaya continues to expand and strengthen its existing business of property development of residential and commercial properties,' said Tan.

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